Playtech PLC on Friday said it will now redeem a chunk of outstanding bonds earlier than planned ‘given the current strength of its balance sheet’.

The Isle of Man-based gambling software development company said it will redeem at par €200 million of the €350 million senior secured notes due March 2026 on December 23. The company said the remaining balance of the bond is expected to be repaid following completion of the sale of its Snaitech unit.

Playtech previously announced that it would repay all the amounts outstanding on the bond following completion of the sale of Italian betting business. The €2.30 billion sale of Snaitech to Paddy Power owner Flutter Entertainment PLC was announced in September.

Shares in Playtech were flat at 723.00 pence in London on Friday morning.

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